Britain’s Bet365 is facing scrutiny from Australia’s financial crimes watchdog, the Australian Transaction Reports and Analysis Centre (Austrac), regarding its compliance with the country’s anti-money laundering laws.
According to a report from the Financial Times, Bet365, one of the major players in the Australian gambling market, is now under formal investigation by Austrac, which has been focusing on the gambling sector as part of its efforts to crack down on potential avenues for money laundering.
Austrac, which previously fined bank Westpac A$1.3 billion (US$860 million) over compliance issues, emphasized the significant role of betting companies in combating financial crime.
Austrac’s chief, Brendan Thomas, stated that corporate bookmakers must have robust systems in place to manage and mitigate risks associated with money laundering and terrorism financing, warning that businesses without adequate processes leave themselves vulnerable to exploitation by criminals.
This investigation follows Austrac’s previous directive to Bet365’s local operation, Hillside (Australia New Media), to appoint external auditors in 2022 at its own cost, as a measure to highlight the importance of protecting Australia’s financial system integrity.
Bet365, led by chief executive Denise Coates, who reportedly earned nearly £300 million in pay and dividends last year, declined to comment on the matter.
It’s worth noting that Austrac had previously launched an investigation into Entain, the owner of Ladbrokes, in 2022 over compliance with anti-money laundering regulations.
